SG Americas Securities LLC Purchases 464,494 Shares of Qorvo, Inc. $QRVO

Key Points

• SG Americas Securities LLC increased its Qorvo stake by 198.1% in the first quarter, adding 464,494 shares to bring its total holding to 698,958 shares valued at about $54.1 million.
• Qorvo reported better-than-expected quarterly results, posting $1.69 EPS versus the $1.21 estimate and revenue of $808.3 million, though sales were still down 7% year over year.
• Insider selling has been notable, with CEO Robert A. Bruggeworth and Director Peter A. Feld selling large blocks of shares; overall, analysts currently rate the stock a Hold with an average target price of $96.62.

SG Americas Securities LLC grew its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 198.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 698,958 shares of the semiconductor company's stock after buying an additional 464,494 shares during the quarter. SG Americas Securities LLC owned 0.75% of Qorvo worth $54,099,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in QRVO. Stance Capital LLC acquired a new position in Qorvo during the third quarter valued at approximately $27,000. Smartleaf Asset Management LLC boosted its holdings in shares of Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock valued at $29,000 after purchasing an additional 231 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in shares of Qorvo by 952.8% in the 4th quarter. Sound Income Strategies LLC now owns 379 shares of the semiconductor company's stock valued at $30,000 after purchasing an additional 343 shares in the last quarter. Advisory Services Network LLC bought a new position in Qorvo in the third quarter valued at about $36,000. Finally, Clearstead Advisors LLC grew its holdings in shares of Qorvo by 93.3% during the 3rd quarter. Clearstead Advisors LLC now owns 431 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 208 shares during the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of Qorvo stock opened at $101.98 on Tuesday. The stock has a market cap of $8.98 billion, a price-to-earnings ratio of 28.17, a P/E/G ratio of 1.54 and a beta of 1.43. Qorvo, Inc. has a twelve month low of $74.92 and a twelve month high of $109.49. The company's fifty day moving average is $93.84 and its 200 day moving average is $86.31. The company has a quick ratio of 2.46, a current ratio of 3.24 and a debt-to-equity ratio of 0.46.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.48. The business had revenue of $808.28 million during the quarter, compared to analyst estimates of $801.31 million. Qorvo had a return on equity of 15.32% and a net margin of 9.22%.Qorvo's revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period last year, the company earned $1.42 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Sell-side analysts forecast that Qorvo, Inc. will post 5.84 EPS for the current year.

Insider Buying and Selling

In related news, CEO Robert A. Bruggeworth sold 57,957 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares in the company, valued at $32,115,952. This represents a 15.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Peter A. Feld sold 1,900,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total transaction of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares of the company's stock, valued at $567,886,431.20. This represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,966,127 shares of company stock valued at $198,911,103 over the last three months. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QRVO. Citigroup boosted their price objective on Qorvo from $90.00 to $100.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Zacks Research lowered Qorvo from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 16th. Craig Hallum restated a "buy" rating and set a $120.00 price target on shares of Qorvo in a report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price target on Qorvo from $85.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Qorvo in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $96.62.

Qorvo Profile

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

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